News for 16-10-2018

Here are the major News for 16-10-2018 compiled from various sources, simply click on the given link to read the respective news item. Please feel free to add your comments to indulge into meaningful discussions and debates on the topics:

The Hindu:
We’ll meet your oil needs: Saudi Arabia

Saudi Energy Minister Khalid A. Al-Falih stated Saudi Arabia’s commitment towards meeting India’s oil needs, during the meeting of the India Energy Forum. Saudi Aramco has also made an investment of USD 44 billion  in Ratnagiri refinery. Saudi Minister also showed an interest in entering the retail market of India to invest in various fields.

 

Decoding the Rafale controversy

The article offers a summarised story of the whole Rafale controversy that has been in the news and creating much criticism for the government.

Hamstringing the RTI Act

The article discusses the lopholes in the RTI Act, and how it might be addressed. The author also discusses how the proposed amendments to the law might fail from outset.

Trade deficit shrinks to 5 months low

Government official data has suggested that the trade deficit for India has shrunk to a 5-month low, as per data for September 2018. A major increase in the export growth is attributed to increase in petroleum products, organic and inorganic chemicals, drugs and pharmceuticals and handloom products.

Higher Provisioning impacts IndusInd Bank Q2 net profit

IndusInd Bank report a net profit of Rs. 920.25 crores for Q2 (June-September 2018). The Bank had to make provisioning of Rs. 275 crores, which is attributed to have reduced the net profit.

Kreditech get NBFC licence

Kreditech has been licensed by RBI to operate as a NBFC in digital lending business and app-based financing. Kreditech is a Germany based company that will be providing a direct-to-consumer service

The Business Standard:
Insolvency process: lenders vote on JSW’s offer for Bhushan Power

Voting has commenced for the revised offer of JSW Steel for take-over of Bhushan Power & Steel. The revised offer has been made at Rs. 193.50 billion., Tata Steel and Liberty House are also among the bidders to take over the defaulting company.

Visa, Mastercard, American Express misses RBI deadline for data localisation

RBI has issued strict deadline for data localisation by all service providers, but major players like VISA, Mastercard and Amercian Express seems to be failing to achieve the goals in the stipulated deadline. The RBI has shown a strict stance on the issue, which might put the services provided by these service providers into a dilemma.

 

Enjoy Reading!!

regards

Banker Forum

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